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Wealthy Ted

Methodology

Our calculations are simple on purpose. Choose a tool to see what we calculate, what we leave out, and where to check the official figure.

  • Every figure is sourced

    Each rate and threshold links to its official publication and shows whether it has been verified.

  • Honest about limits

    If a figure is unverified or missing, we say so instead of showing a confident number.

  • Private by design

    No account, no tracking of your financial inputs. Export or delete your data any time.

Take-home pay and income taxFrom your gross salary to what you actually receive.

What we calculate

  • We start from your gross annual salary and apply the year's federal and provincial tax brackets (every province and territory).
  • Payroll contributions are calculated on the year's total: CPP or QPP (including the second contribution), Employment Insurance and, in Quebec, QPIP.
  • Basic credits are applied: the basic personal amount, the Canada employment amount and, federally, credits for base CPP/QPP, EI and QPIP contributions. The enhanced CPP/QPP contributions are deducted from income, as on the tax return.
  • In Quebec, the deduction for workers lowers Quebec taxable income and the Quebec abatement reduces federal tax.
  • In Ontario, we add the Ontario surtax, then subtract the basic Ontario tax reduction and the LIFT credit for low-income workers, and add the Ontario Health Premium.
  • In British Columbia, we subtract the BC tax reduction. In Alberta, the supplemental credit applies when credit amounts exceed its threshold. In Manitoba, the basic personal amount shrinks for net incomes between its two thresholds. In Yukon, the basic personal amount follows the federal one and the Canada employment amount also gives a credit. Elsewhere, the provincial or territorial basic personal amount and CPP and EI credits apply.
  • The average deduction rate is income tax and contributions divided by gross salary. The marginal rate is the tax on one more dollar of taxable income, without contributions.
  • Pay per period is the yearly take-home pay divided by the number of pays (52, 26, 24 or 12).

Not included

  • Self-employment, investment income, capital gains, pension income or several employers: the tool shows no result in these cases.
  • Other personal credits and deductions, such as childcare, donations, medical expenses, union dues or RRSP contributions.
  • Your employer calculates deductions pay by pay, so your pay stub can differ slightly.
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TFSA, RRSP and FHSA roomHow much you can still contribute this year.

What we calculate

  • TFSA: the sum of the annual limits since the year you turned 18, 2009, or the year you arrived in Canada, minus full years spent abroad, minus the total you contributed.
  • RRSP: a share of last year's earned income, up to the year's limit, plus the unused room shown by the CRA if you know it, minus what you contributed this year.
  • FHSA: the annual limit for each year since you opened the account, with a limited carry-forward and a lifetime limit, minus your total contributions.

Not included

  • TFSA withdrawals, which give back room the following year.
  • Pension adjustments from a workplace pension plan, which reduce RRSP room.
  • Transfers, past over-contributions and other special cases.
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Budget, emergency fund and goalsOnly your own amounts: nothing is estimated.

What we calculate

  • Budget: what is left equals your monthly take-home pay minus the sum of your categories.
  • Emergency fund: months covered equal your reserve divided by your essential expenses (the categories marked essential, or the amount you enter).
  • Goals: one contribution at the end of each month until the target month, with no investment return. When that is not enough, we show the monthly contribution needed.
  • The 50/30/20 split is a common guideline you can adjust, not a rule.

Not included

  • Inflation, interest earned on savings and tax on investment income.
  • Irregular expenses: divide yearly costs by 12 to include them.
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Compound interestHow savings could grow with a hypothetical return.

What we calculate

  • The yearly return you choose is converted to a rate per period. Each period, interest is added to the balance, including on interest already earned.
  • Contributions are added at the end of each period (week, two weeks, month, quarter or year).
  • Three scenarios: your rate, plus a lower and a higher rate you can change.

Not included

  • Fees (set to 0), inflation and tax on gains.
  • Real returns vary from year to year; no return is guaranteed.
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What the statuses mean

2026 tax data: 83 figures taken from official sources, last checked on October 31, 2026.

Verified
Checked against the cited official page, on the date shown.
Needs review
Entered but not yet confirmed. Results that use it are marked as a provisional estimate.
Missing
No figure available. The tool shows no result rather than guess.

Each year we add the new official figures. The tools switch to the current year automatically once its figures are ready.

See every source

What these tools are not

  • They are educational estimates, not tax, legal or financial advice.
  • They cover common situations only. When yours is more complex, they say so instead of showing a number.
  • The official figures are in your CRA or Revenu Québec account, your notice of assessment and your pay stubs.

Educational estimate — not advice.

Educational estimates only — not personalized tax, legal or financial advice. Confirm with official sources or a qualified professional.